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How Can you Calculate Your Innovation Budget?

Do you have budget for Innovation after (still) the covid19 economic crisis for corporates? Innovation and creativity is super needed now in times of crisis. If you still need arguments for your management team, you can listen to this podcasts:

  • How to Innovate in Times of Crisis. Listen here.
  • Future after covid19, you have to prepare now! Listen here.
  • What Open Innovation can do in Times of Crisis. Listen here.

And now, let’s talk about money!

Your Innovation Budget has to be correlated with your innovation manifesto, goals and strategy. But, here you have some basics you can pick up and focus for your organization to start your budget needs for innovation:

  • Personnel
  • Consulting
  • Collaborations costs for external collaborations
  • Investments
  • Internal costs for internal collaborations
  • Tools
  • Training
  • Events
  • Income (yes, you can get income, be creative!)
  • Communication
  • Travel & Accommodation (just in case)
  • Extra costs
  • +20% risk factor

Keep it simple! What is the Innovation Budget you can have as a basic for your core innovation teams, for your extended innovation team and another flexible budget for projects (something you can ask for “selected” projects during the next year 2021). If you want to discuss how to calculate innovation budgets, you can join one of our Innovation Tea, weekly online events.

Check if you have fear to ask for your fee in this article written by our partner and psychologist Celia Avila-Rauch, where she mentioned four fears related to ask for your feed, or in this case your budget for innovation: Fear of negotiation, fear of rejection, fear of losing the contract, or fear of not deserving money.

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